ValueXpress has arranged a $4.8-million CMBS conduit loan for the purchase of a 34,930-square-foot office/retail center located in Parkland, Florida. The property was constructed in 2004 and is located 50 miles north of Miami and 15 miles west of Boca Raton in desirable Broward County.
The property is currently 96% occupied by 18 tenants. Many of the tenants are internet-resistant, service-oriented occupants; two are restaurants. Significant leasing has occurred in the past two years as the market for local service tenants has increased dramatically. The property is located in proximity to residential demand generators, including several new 500-plus unit residential developments.
The purchaser is not a U.S. citizen, which limits financing options. However, non-U.S. citizens are active borrowers through CMBS, and this transaction was no exception. In addition, the purchaser owns many commercial properties in South America, but this was the first income-producing property purchase in the United States, which again is not an issue for a CMBS conduit loan.
“As this was the first CMBS transaction in the United States, we led the purchaser and his attorney step-by-step through the process,” commented Gary Unkel, Senior Loan Originator from ValueXpress who orchestrated the transaction. “Since we have provided CMBS conduit loans to over 100 “first timers,” we have developed a methodology to streamline the underwriting and legal process through education and instruction. This resulted in an on-time closing in accordance with the purchase contract.”
As a result, the purchaser was very pleased with the process and the CMBS conduit loan and is searching for additional properties to purchase and finance through ValueXpress. For your next retail transaction contact Gary at email@example.com.